Joe Sitt buys out Heiberger at 88 Greenwich commercial condo

50,000 sf space in FiDi holds a Dunkin Donuts -- and Town Residential office

Joseph Sitt, 88 Greenwich Street and Andrew Heiberger
Joseph Sitt, 88 Greenwich Street and Andrew Heiberger

Joseph Sitt’s Thor Equities now has full control of a $25 million commercial condominium at 88 Greenwich Street, after purchasing the remaining 50 percent stake in the property from Andrew Heiberger’s Buttonwood Development for about $12.5 million. Heiberger and Sitt are partners in Town Residential.

The 50,000-square-foot space takes up the bottom two floors of the 450,000-square-foot, 37-story Art Deco tower, located in the Financial District near Rector Street. The Department of Motor Vehicles occupied the full second floor until earlier this year, while ground-floor tenants include Town Residential, Dunkin Donuts and eatery Café Cubano.

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Heiberger and Sitt, who recently resolved their disputes over ownership in Town, acquired 88 Greenwich Street in 2005 for about $200 million and converted the then-residential rental building into 452 condominiums, known as the Greenwich Club Residences, on the upper floors. The partners also worked together on a 103-unit condo project at 158 Madison Avenue.

“Under Buttonwood and Thor’s stewardship, Greenwich Club Residences was one of the true indisputable success stories of its time,” Heiberger said today of the sold-out condo project.

Buttonwood is on the lookout for “large-scale luxury development opportunities,” he added.